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MARINE HULL INSURANCE

Marine Hull Insurance is a kind of insurance which can get protection for vessels which chug along local and international.

Policies
Inland Marine Hull Insurance Policy (Voyage) Inland Marine Hull Insurance Policy (Time) Oversea Marine Hull Policy (Voyage) Oversea Marine Hull Policy (Time)
Premium Rating Define on the kinds of vessel, width, length, height, Gross Registered Tonnage, vessel’s age and water area. Iron body (Oversea/Domestic)
Normal Premium Rating
Vessel’s age (Year) Hull & Machinery Increased Value
 1-5  2.00%  
 6-10  2.25%  0.30%
 11-15  2.50%  
 16-20  2.75%  0.65%
 Over 20  3.00%  
Deductible -500,000/- or equivalent Additional Coverage Premium Rating war, strikes, malicious acts and nuclear – 0.5% Wooden Body Domestic (Oversea is not allowed) River Commercial Vessel : 1.4% Coastal Commercial Vessel : 1.8% Coastal (Fishing Boats) : 2.0%
Short Term Rating Voyage
Within 15 days of 1 year premium – 1/12 1 month – 2/12 2 months – 3/12 3 months – 4/12 4 months – 5/12 5 months – 6/12 6 months – 7/12 Over 6 months – 1 full year
Insurance Period
(a) Voyage (b) 1 year from the date of premium payment
Insurance Value
This is the agreed value between insurance company and policy holder.